You can't get student loans if you have a posession charge (usually), but all college apps give you an essay space to explain any blemishes on your record. Spout some "young and stupid" bullshit, take responsibility for it, and act remorseful, and as long it was simple posession, most schools won't really care-- especially Evergreen College, rated the #1 stoner school of 2003 by High Times magazine:

http://www.hightimes.com/ht/news/con...p?bid=99&aid=3